Steve Mcknight advicates about purchasing + cashflowed properties in regional areas. Great idea if you do your due dilligance
I have heard that most lenders of will often only give a 70%lend on regional properties
How whould I go about getting a 90% or higher lend?
regards
Brady[
][]Contact a broker who has experience with these sorts of loans!
A lot will depend on how rural the property is. There is a big difference between say Wagga Wagga and Lightning Ridge!
Without more info I can’t give you any more specific info.
Merry Christmas!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanx for the quick reply simon
Thinking of investing in a town with appox 30000 popn in SA or VicHowever at this point in time I am still in the research stage….. what broker specialise in regional loans for vic/sa?
regards
brady[]I can refer you to someone in Melbourne who has done some great work for me in the past.
30 000 is a decent sized town so that is good news.
Drop me an email.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
A general rule of thumb is if the town/city has a min population of 10,000 it should be OK.
In a population with 30000 should be able to get 95%
[email protected]
However at this point in time I am still in the research stage….. what broker specialise in regional loans for vic/sa?regards
brady[]Hi Brady
I may be able to help with finance for regional Victoria, but I will need more info,
Regards
Steven[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
I have been wondering about this subject myself …. my low doc status limits which postcodes i can buy in , but there is a few properties i have been looking at both in Tassie and rural Vic . I was wondering if buying outright from existing equity, was one way to get around it. Mind you i would want to be fairly sure of a good +ve return to do this . And I am taking about cheapies here , like $70,000 max. Also bare in mind that these postcode lists are being added to all the time. I think it can depend on the connections your mortgage dude has too , i have heard stories about some forbidden postcodes beng allowed because the broker has good knowledge of the area. It does go to show you what REALLY happens behind the scenes…it is not always consistant. I think it depends how your broker presents your case . And some lenders give the brokers a chance to re-submit if they are rejected , while with others if your are knocked back that is it … and you don’t even get to find out why . There is no way i would ever go directly to a lender, i would never have bought my first IP if it wasn’t for my broker, i was studying at the time .
I think the main obstacle in getting these “out of town” loans is with the mortage lenders insurers, ( i’m sure a broker from here will correct me here if i’m wrong) From what i can gather there is only two of them , PMI and GE.
My last loan was fairly complex but with every loan i am learning more about the process, and becoming more confident knowing that i am also involved in that process.
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